Personal Watercraft Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The Personal Watercraft Market size was estimated at USD 2.81 billion in 2023 and is projected to reach USD 3.98 billion in 2030 at a CAGR of 5.12% during the forecast period 2023-2030.

A Personal Watercraft (PWC) is a boat that is designed to be operated by a person sitting, standing, or kneeling on the boat rather than the more traditional position of sitting or standing inside the boat. It has an inboard motor that powers a water jet pump as its primary source of motive power. Two-cycle inboard gasoline engines power a jet water pump to propel PWCs. Water is sucked into an internal rotor, or impeller, on the PWC's bottom and drawn into a jet of high-pressure water that emerges through a nozzle on the back of the PWC. Personal Water Craft (PWC) now make up a considerable part of new boat purchases each year, making them a significant influence in the boating industry. There are currently more than a million PWCs in use.

The desire for water sports and leisure activities has led to a considerable increase in the popularity of personal watercraft. Personal watercraft are also more widely available and simpler to operate, which has increased demand for them. The players are providing highly dependable and attractively made devices with user-friendly controls and intuitive handling to entice customers toward increasing adoption. Additionally, agreements and collaborations between tour operators and manufacturers of personal watercraft have considerably boosted the market for these vehicles across the world. The market for personal watercraft is being driven by watercraft manufacturers and tour companies working together to capitalize on the rising popularity of water-based leisure activities.

On the other hand, personal watercraft (PWC) have high maintenance and repair expenses, which has significantly hampered the market expansion of these recreational watercraft. PWCs are intricate machines that require thorough upkeep on a regular basis to maintain their best performance and safety. This covers standard maintenance procedures, engine inspections, hull inspections, and specialty maintenance jobs. The costs of these primary parts are relatively costly since PWCs are also prone to a variety of mechanical failures, including engine problems, electrical problems, and hull damage from collisions or adverse sea conditions. As a result, these constraints have hampered the expansion of the personal watercraft industry.

The closure of international logistics and transportation as well as government directives to refrain from social activities as a result of COVID-19 had a severe effect on the worldwide market for personal watercraft. Moreover, people were forced to utilize their own personal watercraft rather than renting them due to the global pandemic crisis. This affected the watercraft rental industry. In addition, with the beaches being closed, and travel limitations, tourism got affected which in turn affected the personal watercraft market. Because of the number of fatalities in relation to the number of license holders, substantially fewer Jet Ski facilities were discovered.

Delvens Industry Expert's Standpoint

The Personal Watercraft Market is expected to grow during the forecast period. This growth can be attributed to several factors such as the increase in the desire for water sports and leisure activities which led to a considerable increase in the popularity of personal watercraft. Moreover, as they are widely available and simpler to operate, their demand has increased rapidly in recent years. Additionally, agreements and collaborations between tour operators and manufacturers of personal watercraft have considerably boosted the market for these vehicles across the world. However, the high maintenance and repair expenses of these vehicles might hamper the growth of the market during the forecast period.

Market Portfolio

Key Findings

• Based on Product Type, the market is segmented into One seat, Two seat, Three seat, Standing. One seat personal watercraft dominated the market in this segment. This can be attributed to their exceptional versatility, thrill-seeking nature, and suitability for individual water adventures. One-seat models offer individuals to explore the water at their own pace.
   
• Based on End-Use, the market is segmented into Sports, Recreational, Luxury. Recreational segment dominated the market in this segment. This can be attributed to the rise in professional jet skiing competitions and events all across the world.
   
• Based on Engine Displacement, the market is segmented into Below 800 CC, 800-1000 CC, 1000-1500 CC, Above 1500 CC. The below 800 CC personal watercraft dominated the market in this segment. This is due to the increasing popularity of personal watercraft for recreational purposes, such as crafting and water sports.
   
• Based on Sales Channel, the market is bifurcated into Hypermarkets/Supermarkets, Independent Dealers, Brand Authorized Dealers, Brand Owned E-commerce, Third Party E-commerce, Others. Hypermarkets/Supermarkets dominated the market in this segment as customers get to choose from a varied number of options.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period due to presence of large number of water bodies, coastal regions, and a strong water sports culture.

Regional Analysis

North America to Dominate the Market

• North America is estimated to account for the largest market share during the forecast period due to presence of large number of water bodies, coastal regions, and a strong water sports culture.

• Moreover, rising disposable income and changing consumer preferences towards leisure activities is expected to drive the growth of the market further during the forecast period.

Competitive Landscape

• AquaXtreme
• Arctic cat Inc.
• BRP Inc.
• Castoldi S.r.L.
• Cayago AG
• Gibbs Sports Amphibians Inc.
• Honda Motors. Co., Ltd.
• Hubei Sanjiang Boats Science & Technology Co., Ltd
• Jiujiang Poseidon Motorboat Manufacturing Co., Ltd.
• Kawasaki Motors Corp.
• Krash Industries
• Kymco
• Lampuga
• Meyer Bootswerft
• Polaris Industries
• Quadrofoil d.o.o.
• Sea-Doo
• SLVH s.r.o.
• Vortex Jet Boats
• Yamaha Motors Co., Ltd.

Recent Developments

• In August 2023, Taiga Motors has officially launched the Orca Performance. This redesigned new model features the same specs as its predecessor, Orca Electric Watercraft, but at a more consumer-friendly price.
   
• In June 2023, Bosch announced that it is currently developing new drive for X Shore 1 electric boat. Bosch already supplies the 125kW motor in the X Shore 1, which was launched in February as a price attractive option for people wanting to get into electric boats. The drive train for the ‘1’ also incorporates the inverter and gearbox developed and manufactured by Bosch Rexroth.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Personal Watercraft Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope